每经记者｜谢陶 每经编辑｜唐元 "我想拆到DADA（羞答答）！"布拉德·皮特瞪大眼睛咧开嘴角模仿起LABUBU的表情。在近期为新电影《F1：狂飙飞车》宣传路演的过程中，这位好莱坞 巨星笑着许愿，希望得到这样一个新晋的全球"顶流"。 不仅仅是布拉德·皮特，美国国民IP超级英雄"美队"的扮演者克里斯·埃文斯和女星达科塔·约翰逊也在红毯采访时，乐此不疲地拆着LABUBU的盲盒。与此同 时，不同国家的年轻消费者为了抢购一只LABUBU大排长龙，"黄牛党"更是在门店大打出手…… 今年以来，这股由LABUBU掀起的热浪，以迅猛之势席卷全球，从好莱坞火到卢浮宫，多次登上微博热搜，凭一己之力带飞泡泡玛特，助推其市值屡破新 高。 某种程度上，LABUBU不仅是引领社交媒体与消费风潮的"新宠"，更已成为中国文化品牌"出海"的代表性符号之一，象征着中国潮玩产业的一次里程碑式突 破——它证明了中国潮玩具备在全球市场竞争的实力，以及主导细分产业链的能力。 每日经济新闻·天府文创云联合新浪四川推出2025年中特别策划《中流击水 文创观潮》，试图聚焦这其中的关键节点，厘清LABUBU火爆的脉络，为中国未 来更多文化IP的打造提供些许"我见 ...

海外行业报告 | 行业动态研究 潮玩 证券研究报告 2025 年 07 月 19 日 泡泡玛特 25H1 盈喜点评：二季度利润增速不低于 350%，核 心 IP 全球化加速及海外规模效应显著提升盈利能力 事件：北京时间 2025 年 7 月 15 日，泡泡玛特（9992.HK）发布 2025 年上 半年正面盈利预告。公司 2025 年上半年，公司收入增速预期不低于 200%； 经调整溢利增速预期不低于 350%，主要系泡泡玛特品牌及旗下 IP 在全球认 可度进一步提升及海外收入占比持续提升优化盈利能力。 点评：25H1 收入同比不低于 200%，相比一季度水平推算二季度加速增长。 根据此前发布的一季报经营数据，公司 25Q1 整体收入较去年同期同比增 长 165%-170%。 海外市场高速增长，全球化布局成效凸显 2025 年上半年，公司收入增速预期不低于 200%；经调整溢利增速预期不 低于 350%，主要系泡泡玛特海外收入占比持续提升，收入结构优化对毛利、 溢利均产生积极影响。同时，随着海外门店加密，规模效应使溢利显著增 加。截至 2025 年 6 月 27 日，公司全球拥有 530 家泡泡玛特门店。根据 ...

[Table_Title] 晨会纪要 ——2025 年第 121 期 观点精粹: 最新报告摘要 2025H1 业绩大超市场预期，利润率同环比显著提升--泡泡玛特/文娱用品(09992/213605) 点评报告（港股美 股） 锦程新章启，登高望远行--徐工机械/工程机械(000425/216406) 公司深度研究 6 月生产与进口同比增速均环比放缓，火电需求保持稳增长，基本面从底部继续向上--行业动态研究 2025Q2 业绩短期承压，内容储备丰富，布局潮玩等新业态--万达电影/影视院线(002739/217206) 公司点评 2025 年 07 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 1、最新报告摘要 1.1、2025H1 业绩大超市场预期，利润率同环比显著提升--泡泡玛特/文娱用 品(09992/213605) 点评报告（港股美股） 分析师：杨仁文 S0350521120001 分析师：方博云 S0350521120002 联系人：吴倩 S0350123070017 事件： 2025 年 7 月 15 日，公司发布 ...

机构：国海证券 研究员：杨仁文/方博云 事件： 2025 年7 月15 日，公司发布2025H1 业绩预告，预计2025H1 收入同比增长不低于200%，溢利（不包括 金融工具的公允价值损益）同比增长不低于350%。 投资要点： 2025H1 收入/利润同比高增，利润率同环比显著提升： （1）预计2025H1 收入同比增长不低于200%（2024H1 为45.58 亿元），即不低于136.73 亿元，2025Q1 收入同比增速区间为165%-170%，我们推测2025Q2 增速同比在220%以上；预计溢利（不包括金融工具 的公允价值损益）同比增长不低于350%（2024H1 溢利为9.64亿元，金融工具的公允价值变动损益-0.33 亿元），按同一口径计算即不低于44.89 亿元；推测2025H1 利润率在32.83%左右，较2024H1/2024H2 提升10.94/5.69pct。 （2）共鸣福赏专注二次元IP 衍生品，预计有不错增长空间。①共鸣： 2025H1 推出新品26 款（同比+8 款），产品类别多元；②福赏：2025H1推出新品9 款（同比+6 款）。 后续可能进军小家电行业，补充家居空间条线，持 ...

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992.HK) [5][11] Core Views - The company is expected to achieve a revenue growth of no less than 200% and a profit growth of no less than 350% in the first half of 2025 compared to the same period last year [5][6] - The significant revenue increase is attributed to the expansion of IP and product offerings, as well as a rise in overseas revenue [6][10] - The net profit margin is projected to improve to approximately 33% in the first half of 2025, up from 20% in the first half of 2024 [6][10] Summary by Sections Company Overview - Latest closing price: HKD 252.60 - Total market capitalization: HKD 3,392.27 billion - Earnings per share (EPS) for 2025 is projected to be HKD 4.99 [4][11] Financial Performance - For the first half of 2024, the company reported a revenue of HKD 45.58 billion and a profit of HKD 9.64 billion [6] - The projected revenue for the first half of 2025 is at least HKD 137.64 billion, with a profit of at least HKD 44.89 billion [6] Growth Drivers - The company is focusing on international expansion, particularly in the US and European markets, with plans to open 100 stores overseas by 2025 [10] - The introduction of new product lines, including accessories and building blocks, is part of the strategy to enhance the comprehensive platform [9][10] Future Outlook - Revenue growth rates are expected to be 105%, 49%, and 38% for 2025, 2026, and 2027 respectively, with net profit growth rates of 114%, 58%, and 46% for the same years [11] - The company aims to increase its overseas revenue share to over 50% by 2025 [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [1][12] Core Insights - The company is expected to achieve significant revenue and profit growth in H1 2025, with revenue projected to increase by no less than 200% year-on-year, reaching at least 13.673 billion RMB, and profit expected to grow by no less than 350%, reaching at least 4.489 billion RMB [5][8] - The company's global IP recognition and diverse product categories are driving revenue growth across various cities, with overseas revenue contributing significantly to profit margins [8][11] - The expansion of overseas stores and the successful performance of products on platforms like TikTok are enhancing the company's market presence and profitability [8][11] Summary by Sections Recent Performance - As of July 16, 2025, the company's stock price is 252.60 HKD, with a market capitalization of approximately 339.23 billion HKD [4][12] - The company has shown a remarkable 572.8% increase in stock performance over the past 12 months, significantly outperforming the Hang Seng Index [4] Financial Projections - Revenue projections for 2025-2027 are 30.797 billion RMB, 41.415 billion RMB, and 49.772 billion RMB, respectively, with corresponding net profits of 9.405 billion RMB, 12.848 billion RMB, and 15.514 billion RMB [10][12] - The adjusted net profit is expected to be 10.037 billion RMB, 13.611 billion RMB, and 16.438 billion RMB for the same years [10][12] Product and Market Expansion - The company has accelerated the launch of new products, with 47 new blind box products and 26 MEGA products introduced in H1 2025, reflecting a strong market response [11] - The company is also focusing on expanding its product categories, including potential entry into the small home appliance sector [11]

Core Insights - The domestic plush toy brand "Super Vitality Factory" has opened a strategic investment opportunity exclusively to the Reading Group, resulting in Reading acquiring a 10% stake in the company, marking the first publicly recorded investment case in the vertical plush toy industry by a mainstream investment institution [1][3] - The investment is part of Reading's broader strategy to expand its IP derivative business, which includes both self-built and investment approaches to commercialize IP in the derivative product sector [3][5] Company Overview - Super Vitality Factory, under Hangzhou Lecheng Brand Management Co., Ltd., transitioned from a plush toy supply chain company to a brand that provides comprehensive plush product solutions for international events, global IPs, and leading domestic brands [1] - The company utilizes innovative composite materials in its products, which include plush blind boxes and high-quality plush figures, and has developed original IPs such as "Cino," "Adou," and "Alber" [1][4] Investment Details - Following the investment, both companies plan to collaborate closely on developing original toy IPs, with new product lines expected to launch in the second half of the year [3] - Reading has been actively investing in plush toy companies to enhance its scale and diversify its product offerings, having already launched collaborative products like the "Reading All-Star Island Party" plush items [4] Market Outlook - According to the "Trendy Toy Industry Development Report," the retail market size for trendy toys in mainland China is projected to reach 110.1 billion RMB by 2026, with a compound annual growth rate of 24% [5] - Reading Group aims to position "IP commercialization" as a key focus area, leveraging its cultural content platform to penetrate popular industries such as plush toys and card games [5]

潮玩专家交流：爆款 IP 如何快速成功孵化？20260629 摘要 公司通过众筹选举产生 IP，核心团队由广告营销、潮玩市场及阿里技术 专家组成，2022 年底经济复苏期迅速扩张，通过报复性消费获得渠道 认可，目前营收规模达数亿元。 公司所有 IP 均为内部设计师团队原创，知识产权 100%归公司所有。通 过小程序手绘稿打分、众筹等方式验证 IP 创意，S 级 IP 众筹金额达 150 万以上，利用"盲盒星球"平台进行数据洞察。 公司初期采用以产定销模式，根据众筹金额确定生产量，确保稳健发展。 2025 年开始转变为以销定产模式，根据销售目标匹配供应链需求，以 应对市场变化并实现更大规模发展。 公司经销渠道占营收 50%左右，其余来自天猫、抖音、小程序等线上平 台。2024 年抖音贡献近一个亿，预计 2025 年线下销售将增加，名创 优品为新的增长点。 潮玩 IP 要持续增长，需从产品和营销两方面入手，细分产品线满足不同 人群需求，通过联名限量款等方式提升艺术调性与溢价，并控制销售节 奏保持 IP 资产价值。 Q&A 潮玩行业中，如何孵化头部 IP 并实现市场成功？ 潮玩行业的成功离不开市场环境和消费趋势的变 ...

Group 1 - During the 618 shopping festival, Pop Mart's LABUBU third-generation plush products achieved over 1 million sales on Tmall, with shipping scheduled for late September [1] - Pop Mart's performance during the 618 event indicates a shift in consumer demand from "cost-performance" to "emotional-value" [5] - The overseas market saw over 200,000 viewers in AliExpress's first live broadcast during the 618 event, leading to a sell-out of trendy toy products, highlighting the growing influence of Chinese trendy toy brands globally [5] Group 2 - The success of Pop Mart as a popular trendy toy brand in China is attributed to the upgrading of manufacturing, increased cultural confidence, and market openness [7] - Consumers are willing to pay for the joy that trendy toys bring, reflecting a trend of consumption upgrading [7] - The recent popularity of LABUBU has led to issues with scalpers, disrupting market order and potentially harming brand value, indicating the need for a balanced approach to maintain a healthy market for trendy toys [7]

Core Insights - The current commercial landscape is witnessing a shift from standardized models to unique, immersive experiences that resonate with consumers' emotional and individual needs [2][22] - New retail formats, referred to as "new species stores," are emerging, but they face challenges such as profitability and scalability despite their initial appeal [2][22] Group 1: New Retail Formats - The Qingdao Beer Exchange, a new retail concept, allows consumers to purchase beer in a stock market-like environment, with prices fluctuating based on demand [4][6] - GOGOGYM, a high-end pet gym in Shanghai, focuses on pet health and fitness, offering personalized training plans and a unique shopping experience [9][11] - Loyal Hall, inspired by traditional Chinese medicine, combines cultural elements with modern consumption trends, offering herbal ice cream and immersive experiences [16][19] Group 2: Consumer Behavior Trends - Consumers are increasingly seeking experiences that provide emotional connections and a sense of belonging, moving beyond mere product purchases [21][22] - The rise of "emotional economy" reflects a shift towards valuing health, wellness, and unique experiences, particularly among younger demographics [11][19] - The success of these new formats indicates a growing demand for immersive and meaningful consumer experiences that transcend traditional shopping [22]